Global smart speakers market was worth USD 2.2 billion in 2017. It is forecast to grow at a 38.7% CAGR over the forecast period. Smart speakers are becoming more popular due to the increasing adoption of smart technology. These products are being adopted because they can be controlled using voice commands. These products are attracting more consumers because they allow you to control your entire house from one voice command.
Consumers are increasingly using voice assistants like Google Home and Alexa. In 2017, Alexa dominated the market, followed by Google. Amazon successfully used the first-mover strategy to establish a dominant position on the U.S. market from its inception in 2014. Google Home, the smart speaker from Google, was introduced in Asia, particularly Japan and India. It is expected to see significant growth during the forecast period.
Consumers prefer products with multiple advanced features that are cost-effective. Amazon Alexa's popularity was largely due to its promotion at Whole Foods and Alexa-centric ads on television and online. Amazon also reduced the price of its products to compete in the market.
The market is expected to grow over the next few years due to automation of domestic tasks and increased demand for human-tomachine interaction. According to U.S. household data, more than 40% of Americans used smart speakers in their daily lives as of March 2018. This usage is expected to increase over the forecast period. These speakers are multi-purpose and can be used for a variety of purposes, including to play music, control smart home devices and receive entertainment updates and sports news.
According to NBC News, smart speaker owners preferred using their speakers over listening to radio or watching TV in September 2017. This acceptance and adoption is expected to continue propelling this market.
In 2017, Amazon Alexa held the largest share of the global smart speaker market. Due to its first-mover advantage, Amazon Alexa is quickly gaining popularity among U.S. customers. The multiple smart home integrations Alexa offers and Amazon's strategy of offering its voice assistant to different emerging market players will drive this adoption to rise over the next few decades. Linkplay Technologies, Inc. partnered with Amazon in 2016 to integrate Alexa into its smart speakers, thereby establishing its presence in the market.
The growth of Google's assistant is expected to be significant over the forecast period, making it the most popular VPA segment by 2025. With Google's products being launched in Asia Pacific countries like Japan and India, the use of Google Home voice assistant is expected to increase rapidly. Other pioneers like JD.com, Xiaomi, Alibaba and Alibaba are currently dominating the China market.
The growing demand for IoT-enabled services, and wireless devices made North America the dominant market in 2017. The region's rapid growth has been fueled by a growing consumer preference for convenience goods.
This region was also among the first to adopt this technology. Manufacturers have been able to create innovative products due to the willingness of consumers to accept and use new technologies. However, the Asia Pacific market will surpass North America by 2025. Asia Pacific, which is expected to be the most lucrative and largest market in the future, will see a CAGR of more than 55.0% over the forecast period.
Amazon Alexa dominated the European market in 2017 due to its huge popularity in Germany and the U.K. Google Home was next and is expected to continue to dominate the European market during the forecast period. This is due to Google Home's popularity in France, Spain, Italy, and other European countries. Google Home is available in 13 European countries, while Amazon Alexa can be found in 11.
The market is dominated by Apple, Google, Apple and Xiaomi. These players are focused on improving existing products and investing in technological advancements. They also seek to enter into partnerships to increase their market presence.
Amazon's Alexa Voice-enabled Service was launched in Japan in 2018. This service allowed other device manufacturers to use AVS to launch Alexa-enabled devices in Japan. This strategy has allowed Amazon to keep its foothold on the Japanese market.
Conexant Systems, Inc., which is a company that provides multimedia products, announced in May 2017 its partnership with Amazon, Inc. The company also announced an upgrade to the AudioSmart Development Kit for Alexa Voice Services. AudioSmart 4-mic Development Kit is the upgraded version. This kit was created by the company to help third-party manufacturers integrate Alexa voice assistant into their smart speakers.
Report Attribute |
More Details |
2020 market size |
USD 10.8 Billion |
The revenue forecast for 2025 |
USD 39.3 Billion |
Growth Rate |
From 2018 to 2025, CAGR 38.7% |
Base year for estimation |
2017 |
Historical data |
2015 - 2016 |
Forecast period |
2018 - 2025 |
Quantitative units |
From 2018 to 2025, revenue in USD billions and CAGR |
Report coverage |
Forecast revenue, company ranking and competitive landscape, growth factors, trends |
Segments covered |
VPA for the region |
Regional scope |
North America; Europe, Asia Pacific; Latin America. Middle East & Africa |
Country coverage |
U.S.; Canada; UK; Germany; France; China; India; Japan; Brazil; Mexico |
Key companies profiled |
Amazon, Google, Apple and Xiaomi |
The scope of customization |
With purchase, you get free report customization (equivalent to up to 8 analysts working day) You can add or modify country, region and segment scope. |
Prices and purchase options |
You can get customized purchase options that meet your research needs. Explore your purchase options |
This report forecasts revenue growth at the global, regional and country level and analyses the most recent industry trends in each sub-segment from 2015 to 2025. Grand View Research has divided the global smart speaker market report by region and VPA.
Virtual Personal Assistant Outlook (Volume: Million Units; Revenue USD Million, 2015-2025)
Amazon Alexa
Google Assistant
Apple Siri
Other
Regional Outlook (Volume: Million Units; Revenue USD Million, 2015-2025)
North America
The U.S.
Canada
Europe
U.K.
Germany
France
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa
Up Market Research published a new report titled “Smart Speakers Market research report which is segmented by Virtual Personal Assistant (Apple Siri, Google Assistant, Amazon Alexa), By Players/Companies investing in technological advancements, Xiaomi These key players are focused on upgrading existing versions of their products, Apple, entering into collaborations to establish their market presence, Google, Amazon”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Smart Speakers Market Research Report |
By Virtual Personal Assistant | Apple Siri, Google Assistant, Amazon Alexa |
By Companies | investing in technological advancements, Xiaomi These key players are focused on upgrading existing versions of their products, Apple, entering into collaborations to establish their market presence, Google, Amazon |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 242 |
Number of Tables & Figures | 170 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Virtual Personal Assistant (Apple Siri, Google Assistant, Amazon Alexa).
Smart Speakers Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Smart Speakers Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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